Bharathiar University 2007 Bachelor of Computer Science (B Level) BCS Advanced Accounting BCS 308 - Question Paper

BCS Advanced Accounting BCS 308 May 2007

Time : 3 hours Maximum : 100 marks
PART A — (5 ? eight = 40 marks)
ans any 5 ques. and answers to theory ques. not to exceed 200 words.
All ques. carry equal marks.
1. What are preference shares? elaborate the conditions for the redemption of preference shares?
2. Explain the subsequent :
(a) Minimum rent
(b) Short workings
(c) Recoupments of short workings
(d) Lessee.
3. How will you treat goodwill at the time of admission of a partner?
4. What is Hire Purchase System? How does it differ from instalment system?
5. What are the various kinds of branches?
6. Swastik Product Ltd. had a Branch at Poona. From the subsequent particulars prepare Branch Account and obtain out profit or loss made by the branch, for the period ended 31st December 2002.
Rs. Rs.
Stock at Branch on first July 2002 6,000
Goods sent to branch 50,000
Cash remittance to branch for
Salaries 5,000
Rent 1,500
Other expenses 750
Cash sales effected by the branch 75,000
(Remitted to H.O. immediately)
Stock of unsold goods on 31st December 2002.
7. A fire occurred at the premises of a trader on April 14th destroying a great part of his stock which at first January appeared in the books at Rs. 98,600. The value of the stock salvaged was Rs. 18,620. The gross profit on sales was % and sales amounted to Rs. 1,59,000 from January one to date of fire, while for the identical period the purchases amounted to
Rs. 78,160 and productive wages Rs. 22,860. Prepare a statement in support of a claim for loss of stock to be made on the insurance company.
8. A holds 100 shares of Rs. 10 every on which he has paid Re. one as application money.
B holds 200 shares of Rs. 10 every on which he has paid Re. one on application and Rs. two on allotment.
C holds 300 shares of Rs. 10 every on which he has paid Re. one on application, Rs. two on allotment and Rs. two for the 1st call.
They all fail to their arrears and the 2nd call of Rs. two per share and the directors, therefore, forfeit their shares. The shares are re-issued subsequently @ Rs. 11 as fully paid. Pass necessary journal entries in the books of the company.
PART B — (4 ? 15 = 60 marks)
ans any 4 ques..
9. A company was incorporated with an Authorised Capital of Rs. 60 lakhs in equity shares of Rs. 10 every. From the subsequent balances and adjustments, prepare the final accounts of the company in the needed format.
Rs.
Calls in arrears 75,000
Buildings 30,00,000
Plant and machinery 33,00,000
Interim dividend paid 3,92,500
Opening stock 7,50,000
Sundry debtors 8,70,000
Goodwill 3,22,000
Cash in hand 4,06,500
Purchases 18,50,000
Bills payable 8,05,000
Preliminary expenses 50,000
Wages 8,48,650
General expenses 68,350
Salaries 2,76,150
Directors fees 57,250

Earning:   Approval pending.